According to the UN, as of June 2021 there are 195 signatories to the Paris Agreement to limit their CO2 emissions. However, the Paris Agreement permits countries to set their own ambitions within certain parameters. Some jurisdictions or regions have undertaken to cut carbon emissions faster than others. The EU, in particular, has stated its ambition to cut emissions by 2030 by 55 percent in comparison with 1990 levels.
This commitment has been made as part of the EU Green Deal, which is a comprehensive package of tax and non-tax measures.
The EU’s plastics tax is one of several tax reforms proposed as part of the Green Deal which aims to reduce consumption of raw materials and waste, promoting the move towards a circular economy.
Other significant carbon reforms were tabled by the European Commission (EC) on 14 July as part of its ‘Fit for 55 package’ to meet its 2030 emissions reductions goals.
Source
- KPMG
- KPMG (pdf)
- EY webcast summary
